First Loans for Renewable Energy Projects Has Been Approved by the BRICS New Development Bank

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First package of loans worth 811 million dollars for four renewable energy projects in Brazil, China, South Africa and India has been approved by the BRICS New Development Bank (NDB). The NDB board of governors has accepted the decision to approve the first loans on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington DC, US.

Key facts:

  • The NDB in its first loan tranche will provide
  1. $300 million to Brazil,
  2. $250 million to India,
  3. $180 million to South Africa
  4. $81 million to China
  • These funds will be castoff in zone of green and renewable energy projects with a mutual capacity of 2.37MW together.
  • On conclusion of these projects, they will help to decrease the quantity of damaging releases by 4 million tons annually.

About New Development Bank

  • The New Development Bank is a multidimensional bank shaped by BRICS nations like Brazil, Russia, India, China and South Africa.
  • It was founded in July 2015 with preliminary authorized capital of $100 billion.
  • It headquartered is located at Shanghai, China.
  • The goal of the bank is to support infrastructure projects fanatically in developing economies for maintainable development.
  • Every participant country has been allocated one vote, and none of the nations have veto power in the NDB.
  • Well-known Indian banker Kundapur Vaman Kamath is the currently serving as President of NDB.

- Published/Last Modified on: April 18, 2016